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Central States Mortgage

GONE -BANKRUPT

I was able to meet with a source that was kept on and this I was able to gather the following information.

I will call my source my JOHN (really wanted to have a source ).

JOHN wanted to tell me that any commissioned employee has not been paid in a  month and a salaried employee has not been paid in 2 weeks.

JOHN has been kept as a skeleton employee and starting this coming Tuesday will start  being paid

A company called AMERICU will service any home loan in process with Central States Mortgage that was started - that is the good news

I really feel sorry for the employees that WILL not get paid.

No severance - no pay for a while!!

Was there severence pay for management that were dismissed?  What happened to the $42 million we closed in February that we as loan officers won't get paid on?

How long will  AMERICU stay in this market??

That is just "MY TWO CENTS"

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